CureVac Shareholders Face a Critical Decision as BioNTech Offer Nears Cutoff

Time is running out for CureVac shareholders, with the window to accept BioNTech's acquisition bid closing imminently. While the official deadline is set for Wednesday, the practical cutoff for investor action is effectively a day earlier. Delaying a decision now could lead to holding shares in a company facing a complex and potentially disadvantageous restructuring process.

BioNTech's public exchange offer for all outstanding CureVac shares officially concludes on Wednesday, December 3, 2025, at 15:00 German time. However, this published date is misleading for investors.

Due to the operational processing times required by custodian banks and clearinghouses, shareholders must submit their shares for exchange by Tuesday, December 2, at 24:00 German time. Missing this internal, operational deadline effectively eliminates the chance to participate in the current exchange offer.

The terms are fixed: shareholders will receive 0.05363 BioNTech shares (ADS) for each CureVac share they tender. This ratio directly determines the value investors can realize for their equity.

Overwhelming Shareholder Approval Clears the Path

The necessary legal groundwork has already been completed. During an extraordinary general meeting held on November 25, 2025, an overwhelming 99.16 percent of the votes cast were in favor of the acquisition by BioNTech.

Should investors sell immediately? Or is it worth buying CureVac?

This approval also included authorization for a post-closing reorganization. Should the exchange offer succeed, BioNTech intends to acquire any remaining CureVac shares through a merger or other structural measures. For shareholders who do not act now, this likely means being subject to a squeeze-out procedure, which could involve less favorable terms and create tax complications.

The Two Paths Available to Investors

The situation presents a clear binary choice for CureVac equity holders:

Tender shares now: Participate in the exchange offer before the operational cutoff on December 2.

Hold and wait: Assume the risk of retaining shares in a company threatened with delisting and poised to undergo a complex corporate restructuring.

The current share price already reflects the impending completion of the takeover, trading in close alignment with the exchange ratio and BioNTech's stock performance. Market volatility is anticipated after the deadline passes, particularly once the final acceptance rate for the offer is made public.